The Central Bank of Iraq announces new financial loans and warns of defaulting payment of 6 trillions

(Reuters) - Acting central bank governor Ali al-Alak on Monday announced the launch of new loans to finance projects he described as "the mission", warning at the same time not to borrow for the amount of 6 trillion Iraqi dinars.

"The Iraqi Central Bank continues its successes in monetary stability by controlling inflation at its lowest levels and maintaining a high level of foreign currencies,

He pointed to the launch of financing small projects through a trillion and a half, saying that this amount is "the largest lending initiative in the history of Iraq."

"The Central Bank is currently working on syndicated loans and joint coordination with banks to finance important projects."

The central bank said that 6 trillions out of 37 trillions were not paid by the borrowers, which leads to the deduction of banks 2.5% of the losses of bad debts, which includes 16% of bank funds, pointing out that this stumbling in the payment of debt affects the banks And threatens its work.

Article Credit: https://www.shafaaq.com/ar/
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